No, but it's grouped into the same option for disabling (both are considered motions).
In case your question was what is it entirely, it's the way the background shifts relative to the icons are you rotate your phone away from you (which I'm not sure why you'd do in the first place).
Although, it should be said that when most people complain of the animations, they are more often upset about the massive touch response delay that occurs during and for a moment after each animation.